One of the greatest benefits of the modern age of marketing is the amount of data available. More than ever before, businesses and marketers have a plethora of information available to them about what is moving the needle with consumers and what leads to new sales or conversions. As wonderful as having all this information, one of the biggest challenges I face with businesses when reviewing campaigns is how to best distill all the data into what matters most to them. Sometimes there can be almost too much information available that it is easy to get lost in a sea of data. This can be a problem regardless of the size of your business, which is why I was happy to see a recent article from Google discussing how their marketing team has overcome these issues.
Making sense of all the "noise"
Avinash Kaushik, who works in Advanced Multichannel Analytics at Google, wrote a recent article1 distilling Google’s practices when making sense of all the “noise” of marketing and how the distillation has allowed his team to become smarter at making sense of the bottom line impact. Kaushik broke the concept down into three easy steps that can truly help any marketer, regardless of their size.
1. Classify Advertising Metrics Based on Their Business Impact
2. Choose KPIs with Business Objectives in Mind
3. Align Your Analytical Output with Each Leader’s Altitude
One of the most interesting points Kaushik makes is how he plots different reporting/analytics metrics along with a chart, measuring tactics that range from “Super Tactical” to “Super Strategic”. At the same time, measurements are placed along a timeline relating to how long it would take for a metric to be achieved. For example, on the graph “Impressions” is charted as both “Super Tactical” and “Real Time” while “Customer Lifetime Value” falls across “Super Strategic” and “6 Month”, meaning it could take up to six months to achieve a Customer Lifetime Value from a campaign.
This chart communicates several important factors that relate to business. Not only can marketing and advertising take a long time to achieve the ultimate outcome of a converting a new customer to a lifelong customer, but that it also takes the consistency of messaging in the marketplace to get there. Additionally, with Kaushik’s recommendation of plotting advertising metrics across a timeline, it provides a great understanding of when you should be evaluating different data points along with a campaign.
Kaushik provides much more great information in his article about how to best utilize your marketing data that I encourage you to read and review for yourself. In the end, what I enjoyed most about it is discovering that even businesses as big as Google struggle with the same issues of interpreting data that many of the businesses in Central Ohio struggle with.
Where it is wonderful for Google to share its learnings with everyone but not every business has the team and resources that Google has to achieve this level of analytics. This is where the Digital Specialists and digital team with DMG+Thrivehive can come into place. At DMG+Thrivehive, the whole digital team is trained and certified in Google Analytics as well as many other kinds of metric-based reporting and will be a partner to you and your business in marketing.
To read Kaushik's article, please visit: https://www.thinkwithgoogle.com/marketing-resources/data-measurement/business-advertising-metrics/
Dispatch Media Group (DMG) offers tried and true techniques to build out targeted strategic campaigns, allowing you to reach both active and passive candidates where they are with an intriguing message to help attract the talent you so desperately need.
Consulting with a trusted digital specialist can make this process easier for any business. Contact DMG+ThriveHive today to help you grow your business with a strategic digital approach.
Sources: Inside Google Marketing: How We Measure the Bottom-Line Impact of Our Advertising Campaigns by Avinash Kaushik, May 2019